Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020

Published: Jan, 2017 | Pages: 140 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Summary

Timetric’s 'Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Hungarian non-life insurance segment, including:

• The Hungarian non-life segment’s detailed outlook by product category

• A comprehensive overview of the Hungarian economy and demographics

• A comparison of the Hungarian non-life insurance segment with its regional counterparts

• The various distribution channels in the Hungarian non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Hungarian insurance industry

• Details of the competitive landscape in the Hungarian non-life insurance segment

• Details of regulatory policy applicable to the Hungarian insurance industry

Synopsis

Timetric’s 'Non-Life Insurance in Hungary, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Hungarian non-life insurance segment, and a comparison of the Hungarian insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets and total investment income during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Hungarian economy and demographics, explains the various types of natural hazards and their impact on the Hungarian insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Hungary:

• It provides historical values for the Hungarian non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Hungarian non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Hungarian non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Hungary.

• It analyzes various natural hazards and their impact on the Hungarian insurance industry

• It profiles the top non-life insurance companies in Hungary, and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Hungarian non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Hungarian non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Hungarian insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Hungarian non-life segment accounted for 44.1% of the insurance industry’s overall gross written premium in 2015.

• The Hungarian non-life insurance segment expanded during the review period at a review-period CAGR of 2.1%. 

• The Insurance Companies and Insurance Activities Act was introduced in December 2014, and came into force on January 1, 2016.

• Property insurance was the largest category, accounting for 46.9% of the segment’s gross written premium.  

• Agencies are a highly preferred channel as a result of their detailed understanding of risks and products related to their field and region. 

•The Hungarian non-life insurance segment is highly concentrated, with the 10 leading companies accounting for 91.8% of its gross written premium in 2015.

 Table of Content

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Segment Outlook
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments

5 Outlook by Category
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Claims
5.4.5 Profitability

6 Distribution Channel Outlook

7 Natural and Man-Made Hazards
7.1 Flooding
7.2 Drought
7.3 Earthquakes
7.4 Exposure

8 Competitive Landscape
8.1 Company Profiles
8.1.1 Allianz Hungaria Biztosító Zrt – company overview
8.1.2 Generali Providencia Biztosító Zrt – company overview
8.1.3 Aegon Magyarország Altalanos Biztosító Zrt – company overview
8.1.4 Groupama Garancia Biztosító Zrt – company overview
8.1.5 Uniqa Biztosító Zrt – company overview

9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Air carriers and aircraft operators’ liability insurance
9.4.3 Workers’ compensation insurance
9.4.4 Marine liability insurance
9.4.5 Professional indemnity insurance for alternative investment fund managers
9.4.6 Professional indemnity insurance for insurance brokers
9.4.7 Liability for ships with respect to oil pollution
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors
9.5.2 European Insurance and Occupational Pensions Authority
9.5.3 Magyar Nemzeti Bank
9.6 Non-Admitted Insurance Regulation
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution (ADR)

10 Databook
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Property Insurance
10.5 Property Insurance by Product
10.6 Motor Insurance
10.7 Motor Insurance by Product
10.8 Liability Insurance
10.9 Marine, Aviation and Transit Insurance

11 Definitions and Methodology
11.1 Definitions
11.2 Methodology

12 About Timetric
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric’s Services
12.4 Disclaimer

List of Tables

Table 1: Hungarian Non-Life Insurance – Key Facts, 2015
Table 2: Hungarian Non-Life Insurance – Segment Shares of the Top Insurers, 2015
Table 3: Hungarian Government Credit Ratings
Table 4: Hungarian Non-Life Insurance – Gross Written Premium (HUF Billion and US$ Billion), 2011–2015
Table 5: Hungarian Non-Life Insurance – Penetration (%), 2011–2015
Table 6: Hungarian Non-Life Insurance – Gross Written Premium (HUF Billion and US$ Billion), 2015–2020
Table 7: Hungarian Non-Life Insurance – Penetration (%), 2015–2020
Table 8: Hungarian Non-Life Insurance – Premium per Capita (HUF and US$), 2011–2015
Table 9: Hungarian Non-Life Insurance – Premium per Capita (HUF and US$), 2015–2020
Table 10: Hungarian Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 11: Hungarian Non-Life Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 12: Hungarian Non-Life Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 13: Hungarian Non-Life Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 14: Hungarian Non-Life Insurance – Profitability Ratio (%), 2011–2015
Table 15: Hungarian Non-Life Insurance – Profitability Ratio (%), 2015–2020
Table 16: Hungarian Non-Life Insurance – Total Assets (HUF Billion and US$ Billion), 2011–2015
Table 17: Hungarian Non-Life Insurance – Total Assets (HUF Billion and US$ Billion), 2015–2020
Table 18: Hungarian Non-Life Insurance – Total Investment Income (HUF Billion and US$ Million), 2011–2015
Table 19: Hungarian Non-Life Insurance – Total Investment Income (HUF Billion and US$ Million), 2015–2020
Table 20: Hungarian Non-Life Insurance – Investment Portfolio (HUF Billion), 2011–2015
Table 21: Hungarian Non-Life Insurance – Investment Portfolio (HUF Billion), 2015–2020
Table 22: Hungarian Non-Life Insurance – Gross Written Premium by Category (HUF Billion), 2011–2015
Table 23: Hungarian Non-Life Insurance – Gross Written Premium by Category (HUF Billion), 2015–2020
Table 24: Hungarian Property Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015
Table 25: Hungarian Property Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020
Table 26: Hungarian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 27: Hungarian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 28: Hungarian Property Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 29: Hungarian Property Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 30: Hungarian Property Insurance – Loss Ratio (%), 2011–2015
Table 31: Hungarian Property Insurance – Loss Ratio (%), 2015–2020
Table 32: Hungarian Motor Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015
Table 33: Hungarian Motor Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020
Table 34: Hungarian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2015
Table 35: Hungarian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2015–2020
Table 36: Hungarian Motor Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 37: Hungarian Motor Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 38: Hungarian Motor Insurance – Loss Ratio (%), 2011–2015
Table 39: Hungarian Motor Insurance – Loss Ratio (%), 2015–2020
Table 40: Hungarian Liability Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015
Table 41: Hungarian Liability Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020
Table 42: Hungarian Liability Insurance – Number of Policies Sold (Million), 2011–2015
Table 43: Hungarian Liability Insurance – Number of Policies Sold (Million), 2015–2020
Table 44: Hungarian Liability Insurance – Paid Claims (HUF Billion and US$ Million), 2011–2015
Table 45: Hungarian Liability Insurance – Paid Claims (HUF Billion and US$ Million), 2015–2020
Table 46: Hungarian Liability Insurance – Loss Ratio (%), 2011–2015
Table 47: Hungarian Liability Insurance – Loss Ratio (%), 2015–2020
Table 48: Hungarian Transport Network – Global Rankings
Table 49: Hungarian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2015
Table 50: Hungarian Marine, Aviation and Transit Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2015–2020
Table 51: Hungarian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2015
Table 52: Hungarian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2015–2020
Table 53: Hungarian Marine, Aviation and Transit Insurance – Paid Claims (HUF Million and US$ Million), 2011–2015
Table 54: Hungarian Marine, Aviation and Transit Insurance – Paid Claims (HUF Million and US$ Million), 2015–2020
Table 55: Hungarian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2011–2015
Table 56: Hungarian Marine, Aviation and Transit Insurance – Loss Ratio (%), 2015–2020
Table 57: Hungarian Average Annual Loss by Hazard
Table 58: Hungarian Insurance Industry – Market Shares of Leading Insurers (%), 2015
Table 59: Allianz Hungaria Biztosító Zrt – Key Facts
Table 60: Allianz Hungaria Biztosító Zrt – Key Financials (HUF Billion), 2011–2015
Table 61: Generali Providencia Biztosító Zrt – Key Facts
Table 62: Generali Providencia Biztosító Zrt – Key Financials (HUF Billion), 2011–2015
Table 63: Aegon Magyarország Altalanos Biztosító Zrt – Key Facts
Table 64: Aegon Magyarország Altalanos Biztosító Zrt – Key Financials (HUF Billion), 2011–2015
Table 65: Groupama Garancia Biztosító Zrt – Key Facts
Table 66: Groupama Garancia Biztosító Zrt – Key Financials (HUF Billion), 2011–2015
Table 67: Uniqa Biztosító Zrt – Key Facts
Table 68: Uniqa Biztosító Zrt – Key Financials (HUF Billion), 2011–2015
Table 69: Hungary – Insurance Regulatory Framework Key Features
Table 70: Hungary – Life Insurance Regulatory Framework
Table 71: Hungary – Property Insurance Regulatory Framework
Table 72: Hungary – Motor Insurance Regulatory Framework
Table 73: Hungary – Bonus-Malus System for Passenger Cars and Motorcycles
Table 74: Hungary – Bonus-Malus System for Trucks, Buses, Tractors and Other Commercial Vehicles
Table 75: Hungary – Liability Insurance Regulatory Framework
Table 76: Hungary – Minimum Coverage for Aircraft Third-Party Liability per Accident and Aircraft
Table 77: Hungary – Insurance Premium Taxation
Table 78: Hungary – Corporate Tax Rates for the Financial Year 2016
Table 79: Hungarian Insurance Industry – Policies and Premium, 2011–2015
Table 80: Hungarian Insurance Industry – Policies and Premium, 2015–2020
Table 81: Hungarian Non-Life Insurance – Claims and Expenses, 2011–2015
Table 82: Hungarian Non-Life Insurance – Claims and Expenses, 2015–2020
Table 83: Hungarian Non-Life Insurance – Assets and Investments, 2011–2015
Table 84: Hungarian Non-Life Insurance – Assets and Investments, 2015–2020
Table 85: Hungarian Non-Life Insurance – Property Insurance, 2011–2015
Table 86: Hungarian Non-Life Insurance – Property Insurance, 2015–2020
Table 87: Hungarian Non-Life Insurance – Property Insurance by Product, 2011–2015
Table 88: Hungarian Non-Life Insurance – Property Insurance by Product, 2015–2020
Table 89: Hungarian Non-Life Insurance – Motor Insurance, 2011–2015
Table 90: Hungarian Non-Life Insurance – Motor Insurance, 2015–2020
Table 91: Hungarian Non-Life Insurance – Motor Insurance by Product, 2011–2015
Table 92: Hungarian Non-Life Insurance – Motor Insurance by Product, 2015–2020
Table 93: Hungarian Non-Life Insurance – Liability Insurance, 2011–2015
Table 94: Hungarian Non-Life Insurance – Liability Insurance, 2015–2020
Table 95: Hungarian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2011–2015
Table 96: Hungarian Non-Life Insurance – Marine, Aviation and Transit Insurance, 2015–2020
Table 97: Insurance Industry Definitions

List of Figures

Figure 1: Hungarian Real GDP (HUF Trillion), 2011–2020
Figure 2: HUF–US$ Exchange Rate, 2011–2020
Figure 3: Hungarian Consumer Price Inflation (%), 2011–2020
Figure 4: Hungarian Current Account Balance as Percentage of GDP (%), 2011–2015
Figure 5: Hungarian Unemployment Rate (%), 2011–2020
Figure 6: Hungarian Population by Age Group, 1990–2025
Figure 7: Hungarian Non-Life Insurance Penetration – Regional Comparison (%), 2015
Figure 8: Hungarian Insurance Segment Direct Written Premium Shares – Regional Comparison (%), 2015
Figure 9: Hungarian Non-Life Insurance – Gross Written Premium (HUF Billion), 2011–2020
Figure 10: Hungarian Non-Life Insurance – Penetration (%), 2011–2020
Figure 11: Hungarian Non-Life Insurance – Premium per Capita (HUF), 2011–2020
Figure 12: Hungarian Non-Life Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 13: Hungarian Non-Life Insurance – Paid Claims (HUF Billion), 2011–2020
Figure 14: Hungarian Non-Life Insurance – Profitability Ratio (%), 2011–2020
Figure 15: Hungarian Non-Life Insurance – Total Assets (HUF Billion), 2011–2020
Figure 16: Hungarian Non-Life Insurance – Total Investment Income (HUF Billion), 2011–2020
Figure 17: Hungarian Non-Life Insurance – Investment Portfolio (HUF Billion), 2011–2020
Figure 18: Hungarian Non-Life Insurance – Investment Portfolio Dynamics by Category, 2011–2020
Figure 19: Hungarian Non-Life Insurance – Gross Written Premium by Category (HUF Billion), 2011–2020
Figure 20: Hungarian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2011–2020
Figure 21: Hungarian Construction Output Value by Category (HUF Billion), 2011–2015
Figure 22: Hungarian Property Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2020
Figure 23: Hungarian Property Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020
Figure 24: Hungarian Property Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 25: Hungarian Property Insurance – Paid Claims (HUF Billion), 2011–2020
Figure 26: Hungarian Property Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020
Figure 27: Hungarian Motor Insurance – Road Traffic Accidents, 2011–2015
Figure 28: Hungarian Motor Insurance – New Vehicle Registration, 2011–2015
Figure 29: Hungarian Motor Insurance – Gross Written Premium by Sub-Category (HUF Billion), 2011–2020
Figure 30: Hungarian Motor Insurance – Gross Written Premium Dynamics by Sub-Category, 2011–2020
Figure 31: Hungarian Motor Insurance – Number of Policies Sold by Sub-Category (Thousand), 2011–2020
Figure 32: Hungarian Motor Insurance – Paid Claims (HUF Billion), 2011–2020
Figure 33: Hungarian Motor Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020
Figure 34: Hungarian Liability Insurance – Gross Written Premium (HUF Billion), 2011–2020
Figure 35: Hungarian Liability Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 36: Hungarian Liability Insurance – Paid Claims (HUF Billion), 2011–2020
Figure 37: Hungarian Liability Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020
Figure 38: Hungarian Marine, Aviation and Transit Insurance – Exports and Imports (HUF Trillion), 2011–2015
Figure 39: Hungarian Marine, Aviation and Transit Insurance – Domestic Transport of Goods (Million Tonnes), 2012–2015
Figure 40: Hungarian Marine, Aviation and Transit Insurance – International Transport of Goods (Million Tonnes), 2012–2015
Figure 41: Hungarian Marine, Aviation and Transit Insurance – Interurban Passengers Transport (Thousand), 2011–2015
Figure 42: Hungarian Marine, Aviation and Transit Insurance – Number of Water Accidents, 2011–2015
Figure 43: Hungarian Marine, Aviation and Transit Insurance – Number of Passengers (Arrival and Departures), 2011–2015
Figure 44: Hungarian Marine, Aviation and Transit Insurance – Gross Written Premium (HUF Billion), 2011–2020
Figure 45: Hungarian Marine, Aviation and Transit Insurance – Number of Policies Sold (Thousand), 2011–2020
Figure 46: Hungarian Marine, Aviation and Transit Insurance – Paid Claims (HUF Million), 2011–2020
Figure 47: Hungarian Marine, Aviation and Transit Insurance – Earned Premium, Incurred Loss and Loss Ratio (HUF Billion and %), 2011–2020
Figure 48: Hungarian – Frequency of Hazards by Type, 1990–2014
Figure 49: Hungarian Mortality by Hazards Type, 1990–2014
Figure 50: Hungarian Economic Loss by Hazards Type, 1990–2014
Figure 51: Hungarian Insurance Industry – Market Shares of Leading Insurers (%), 2015
Figure 52: Hungary – The Three Pillars of Solvency II
Figure 53: Hungary – Insurance Supervision and Control at Various Levels
Figure 54: Hungary – Insurance Regulatory Frameworks for Company Registration and Operation